The Bavarians were beaten 5-1 on aggregate by the Blaugrana in the quarterfinals four years ago and the Bayern CEO is gunning for revenge.
The Blaugrana cruised to a 5-1 aggregate win over the Germans when they met in the quarterfinals of the 2008-09 tournament. Rummenigge has particularly painful memories of the first leg capitulation at Camp Nou, with Bayern going down 4-0 on the night, but he believes that there is now nothing to choose between the two clubs.
"I look forward to these games," Rummenigge told reporters after Friday's draw in Switzerland. "We meet the team who have been the most successful in recent years. It will be extremely tough and very tense.
"But now our team have to show whether they can take on Barcelona. I do remember the last matches [in 2009]; we had our 'Waterloo' in Barcelona.
"Now is the chance to show, that Bayern have improved since 2009 and that we are level with the best team.
"It will also be an interesting comparison of the Bundesliga and the Primera Division. There is no real favorite in this tie."
Bayern will host Barcelona in the first leg before travelling to Camp Nou for the second leg a week later, with the winner earning a trip to the final at Wembley Stadium to face either Borussia Dortmund or Real Madrid.